Source: Sharecast
STOCKS TO WATCH
Online grocery fulfilment group Ocado has announced plans to build a new distribution facility in Catalonia as part of its partnership with Spanish supermarket chain Bon Preu. “Today is an exciting moment as we enter a new phase with our longest-standing international partner,” said Gregor Ulitzka, president for Europe at Ocado Solutions.
Consumer goods company PZ Cussons said on Wednesday that like-for-like revenues were expected to have grown 8% in FY25, with reported revenues seen at roughly £505.0m. PZ Cussons stated its H2 performance was driven by continued strong revenue growth in Africa, given the inflationary macroeconomic environment in Nigeria.
NEWSPAPER ROUND-UP
Donald Trump is threatening to keep 25% tariffs on some or all of its steel imports from the UK unless it gives specific guarantees over the Indian-owned steelmaking plant at Port Talbot in South Wales, sources have told the Guardian. An agreement to reduce tariffs on UK car exports to the US and scrap them for the aerospace sector was signed off by the US president and Keir Starmer on Monday, on the sidelines of the G7 summit in Canada. – Guardian
More UK gas plants will be in line for windfall payments to help keep the lights on this winter after generators received multimillion-pound payouts last winter. Britain's energy system operator expects the UK's winter power supplies to reach their highest level in five years, in part due to a rising number of gas plants willing to generate electricity during the colder months. – Guardian
Britain will rely on electricity from France to guard against the risk of blackouts this coming winter, officials have said. The National Energy System Operator, which oversees Britain's electricity grid, said it would import power from France and other nearby European neighbours this winter to help backstop the network. – Telegraph
The already frosty relationship between Unilever and Ben & Jerry's looks set to get colder with the appointment of a contentious new ice cream boss. Unilever has proposed Peter ter Kulve to head the Magnum Ice Cream Company, its soon-to-be spun-off ice cream division that will house Ben & Jerry’s, Cornetto and Wall's. – The Times
Elon Musk's artificial intelligence company xAI is on the cusp of raising $9.3bn despite his recent clash with President Trump. The $5.0bn debt and $4.3bn equity deal had been overshadowed by the billionaire's very public falling out with his former political ally but the fundraise appears to suggest that this has not permanently deterred investors from backing Musk's business ventures. – The Times
US CLOSE
Major indices closed lower on Tuesday as market participants remained zeroed-in on developments in the escalating conflict between Israel and Iran.
At the close, the Dow Jones Industrial Average was down 0.70% at 42,215.80, while the S&P 500 lost 0.84% to 5,982.72 and the Nasdaq Composite saw out the session 0.91% weaker at 19,521.09.
Reporting by Iain Gilbert at Sharecast.com